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Marketing Principles > Week 2 > Flashcards

Week 2 Flashcards

1
Q

Marketing information and customer insights

A

When creating value for customers, marketers must obtain fresh and deep insights into their needs and wants.

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2
Q

Marketing information as ‘big data’

A

Big data is the large and complex data sets generated by today’s sophisticated information generation, collection, storage and analysis technologies.
•
Most marketing managers are overloadedwith data and often overwhelmedby it.
•
Big data presents companies and marketers with both big opportunities and challenges.

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3
Q

Big data opportunites

A

•
Rich, timely customer insights
•
Better understand the buying needsof our consumers and customers

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4
Q

Big data challenges

A

•
Accessing and sifting through data is demanding and time consuming
•
There is more informationthan a manager can digest

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5
Q

Do marketers need more information

A

Marketers do not need moreinformation; they need better information. And they need to make better useof the information they already have.

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6
Q

Marketing analytics

A

Marketing analytics involves tools and technologies used in making sound marketing decisions that lead to effective outcomes and return on marketing investment. This process requires data collection and analysis from all channels in the physical and digital arenas, including big data, over a time span.

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7
Q

Sources of data

A 
–
collected from their own databases
–
marketing research
–
web, mobile and social media tracking
–
customer transactions and engagements; and
–
other data sources.
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8
Q

Managing Marketing informaton

A

The real value of marketing research and information lies in how they are used –the customer insights it provides.
–
Many companies are creating customer insights teams.

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9
Q

Customer insights groups collect customer and market information from a wide variety of sources:

A 
–
traditional marketing research studies
–
mingling with and observing consumers
–
monitoring consumer online conversations about the company and its products.
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10
Q

Marketing information and customer insights

A

•
The challenge is that a customers’ needs and buying motives are often anything but obvious.
•
Companies must design effective marketing information systems (MIS)that give managers the right information, in the right form, at the right time.

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11
Q

Marketing information system (MIS)

A

People and procedures dedicated to assessing information needs, developing the needed information and helping decision makers use the information to generate and validate actionable customer and market insights.

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12
Q

MIS Example

A

photo in favourites 31/7/18

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13
Q

Assessing marketing information needs

A 
•
The marketing information system also provide information to external partners, such as:
–
Suppliers
–
resellers
–
marketing services agencies.
•
A good MIS balances the information users would
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14
Q

Marketers can obtain the needed information from:

A 
•
Internal databases
•
Competitive marketing databases
•
Marketing research
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15
Q

Internal databases

A

Electronic collections of consumer and market information obtained from data sources within the company’s network.

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16
Q

Internal databases examples

A

photo in favourites 31/7/18

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17
Q

Competitive marketing intelligence

A

Systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.

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18
Q

Methods of collection include:

A

•
Observation (mixing and mingling with customers as they use and talk about the product)
•
Monitoring online consumer, marketplace and competitor activities (social media, website traffic and page visitation)
•
Sentiment analysis (augmenting and automating the collection of the data)
•
Trend analysis

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19
Q

Marketing research

A

Systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organisation. Market research gives marketers insight in customer motivations, purchase behavioursand satisfaction.

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20
Q

Marketing research can help assess:

A 
–
Market potential
–
Market share
–
Effectiveness of marketing mix activities (pricing, product, distribution and promotion activities).
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21
Q

Two approaches of market research

A

Qualitative

Quantitative

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22
Q

Qualitative

A

Involving a small number of individuals used to get qualitative data on a topic.
•Focus groups (traditional and online)
•In-depth one to one interviews (traditional and online)

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23
Q

Quantitative

A

Involving a large number of individuals* and is used to get quantitative data on a topic.
•Use of statistical application
* above 100 people

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24
Q

The 4 step process of marketing research

A

Defining the problem and research objectives

Developing the research plan for collecting information

Implementing the research plan –collecting and analysing the data

Interpreting and reporting the findings

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25
Q

Step 1: Defining the problem and research objectives

A

Often the hardest step in the research process.
•
You may know that something in wrong, but don’t know the specific cause.
–
Example: sales are declining, but you don’t know why

26
Q

Step 1 define too broadly

step 2 defined too narrowly

A

Too much information may be collected, and the actual issue is not uncovered

Too little information is gathered resulting in the cause not being addressed

27
Q

Exploratory

A

•
Gathers preliminary information to help define the problem.
•
Suggests hypotheses

28
Q

Descriptive

A

•

Describes marketing problems, situations or markets

29
Q

Casual

A

•

Test hypotheses about cause-and-effect relationships.

30
Q

Step 2: Developing the research plan

A 
Research objectives must be translated into specific information needs.
•
Example information needs:
–
Demographic
–
Characteristics and usage patterns of the broader population
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Impact of the customer experience
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Employee reactions to the proposed product or service
–
Forecasts
31
Q

How is step 2 presented

A 
Presented as a written proposal
•
The research plan outlines:
–
The management problem
–
Research objectives
–
Information to be obtained
–
Types of data needed (primary data or secondary data)
–
How the results will help the management decision making
–
Estimated research costs
32
Q

Step 2 types of data

A

To meet the manager’s information needs, the research plan may call for gathering secondary data, primary data, or both.

33
Q

Secondary data

A

Information that already exists somewhere, having been collected for another purpose. Secondary data is a good starting point and helps define research problems and objectives. Includes internal sources such as profit statements, government publications, commercial data such as market research services

34
Q

Primary data

A

Information collected for the specific purpose at hand

35
Q

•

When collecting primary data, it must be:

A 
–
Relevant
–
Accurate
–
Current
–
Unbiased
36
Q

Gathering the primary dataL 3 major research approaches

A

Observation
Survey
Experiment

37
Q

Observational Research

A

Gathering primary data by observingrelevant people, actions and situations.

38
Q

Survey Research

A

Gathering primary data by asking people questionsabout their knowledge, attitudes, preferences and buying behaviour.
Is the best suited for gathering descriptiveinformation.

39
Q

Survey Research pros cons

A 
Advantages:
•Flexibility –across multiple situations
•By phone or online
Disadvantages:
•Memory
•Wanting to please / appear smarter
•Lack of time
40
Q

Experimental Research

A

Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors and checking for differences in group responses.
Is the best suited for gathering causal information. The experiment tries to explain the cause and effect relationship.

41
Q

Gathering primary data contact methods

A

Mail questionaries

Telephone interviewing

Personal interviewing

Online

42
Q

Mail questionaries

A 
Used to collect large amounts of information
Advantages:
•Low cost per respondent
•May be more honest
•No interviewer –reducing bias
Disadvantages:
•Not flexible –answering in a linear way
•Can skip questions
•Take longer to complete
•Difficult to control who completes the survey
43
Q

Telephone Interviewing

A 
Used to collect large amounts of information
Advantages:
•Fast
•Better flexibility over mail
•Interviewers can explain difficult questions
•Spend more time probing questions
•Response rates are higher than mail
Disadvantages:
•Cost is higher
•Not wanting to discuss personal questions
•Interviewer bias
•“do not call” and hang up
44
Q

Personal Interviewing individual

A

Home, Shopping Mall Intercepts
Advantages:
•Flexible
•Trained interviewers guide and explain difficult questions
•Can show actual products
Disadvantages:
•Cost is three to four times higher than telephone

45
Q

Personal Interviewing group

A

Focus Groups, Forums
Advantages:
•Moderator drives free and easy discussion –personal touch
•Good for explorative research and gaining insight
Disadvantages:
•Groups provide indicative opinion only

46
Q

Online

A

Internet survey, panels, experiments, focus group

Advantages:
•Speed
•Low cost
•More interactive and engaging
•Able to reach “hard-to-reach” costumers
•Higher response rates
47
Q

Step 2 sampling plan

A

A sample is a segment of the population selected for marketing research to represent the population

Interested in
who, how many and how

48
Q

Sampling unit

A

Who should be studied?

49
Q

Sample size

A

How many people should be included?

50
Q

Sampling procedure

A

How will the sample be selected?

51
Q

Sampling procedure

A

How will the sample be selected?

52
Q

Research instruments

A

Questionnaires or Surveys

Mechanical Instruments

53
Q

Questionnaires or Surveys

A

•
Most common
•
Very flexible

Two different types of questions:
Closed-end questions
Open-end questions

54
Q

Step 3: Implementing the research plan

A 
•
Put the plan into action
•
Collect, process and analyse the information
•
Data collection is carried out by the marketing research staff or by an outside company
•
Process and analyse the collected data
55
Q

Step4: Interpreting and reporting the findings

A

•
Don’t overwhelm managers with numbers and fancy statistical techniques
–
Present important findings and insights
•
Interpretation should not be left only to the researchers.
–
While researchers may have research expertise, the marketing manager knows more about the problem and the decisions that must be made

56
Q

Analysing and using marketing information

A

Customer relationship management (CRM): Systematic collation of data collected from multiple touch points, which is often combined with sophisticated analytical tools to enable a 3600view of individual customers

57
Q

Uses and benefits of CRM

A

Integrate customer information

Database is easily interrogated

Provide deep insights for marketing decisions

Shopping rewards programs

Pinpoint high value customers, andtarget them efficiently

Cross-sell company’s products & services

Create offers tailored to specific customers

58
Q

•

Marketing information may be distributed via:

A

Intranets and extranets

59
Q

Intranets:

A

Employee access information, reports, shared work documents etc.

60
Q

Extranets:

A

External suppliers able to access account information etc

61
Q

External suppliers able to access account information etc

A

A form of observational research that involves sending trained observers to watch and interact with consumers in their ‘natural habitats’.

Marketing Principles (12 decks)

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